After briefly dipping into negative territory in late morning, stocks gained steam in the afternoon as yields on the 10-year Treasury note backed off five-year highs of 5.25 percent. As stocks closed Friday, yields on the benchmark note hovered around 5.11 percent.

Yields, which move in the opposite direction as bond prices, rose during the week as investors grew less optimistic that the Federal Reserve would lower short-term interest rates. A move above the 5 percent level Thursday in the 10-year bond yield sent stock market investors rushing to bonds.

According to preliminary calculations, the Dow industrials rose 157.66, or 1.19 percent, to 13,424.39.

Broader stock indicators rose. The Standard & Poor's 500 index increased 16.95, or 1.14 percent, to 1,507.67, and the Nasdaq composite index rose 32.16, or 1.27 percent, to 2,573.54.

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